Building stronger broker brands

The broker segment is kicking goals at the moment - settling record amounts and achieving record market share of loans written. And with this success comes greater competition between brokerages.

As competition increases and Best Interest Duty beds in, your brand is more important than ever for attracting customers.

A common misconception is that a brand is simply a logo and a colour scheme. A strong brand is all-encompassing and should influence every aspect of your business and service. It can be the key differentiator between your business and your competitors.

A 'brand' can be thought of as similar to a human's personality. It dictates how they talk, think, dress and who they socialise with, etc. A logo and colour scheme are just some of the 'clothes' the business wears that helps distinguish it from other businesses. Ultimately, your business' brand should help shape most aspects of how your business operates.

For instance, an awarded brokerage that specialises in finance for young first home buyers has let their youth-oriented brand shape a lot of the aspects of their business. They employ a digital-first strategy, prioritise Facebook marketing, have younger staff and an edgy office in a trendy location.

Similarly, another award-winning brokerage that targets young families and has a family-oriented brand employs staff with families, has flexible working conditions and celebrate these families in their marketing. They also opened offices in suburbs with high school-aged child populations.

With the effective use of a brand that shapes all the areas of your operations, your business can not only differentiate itself from your competitors more easily, but also attract and establish more authentic relationships with your target market.